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OPEC has agreed to significant production cuts to keep oil prices high, prompting an immediate rebuke from the US. The group insisted that the move was necessary to protect the oil industry and their own economies from the risk of a global slowdown. The White House criticized this and said it would respond to the supply cuts.
As agreed on Wednesday, OPEC members and its allies will reduce their combined production by 2 million barrels a day starting November. Although outdated production benchmarks used to set caps mean that actual oil supplies will only drop by about half that amount, it's still the biggest cut since 2020 and risks adding another shock to the global economy.
This news caused WTI to jump 2.4%, reaching a two-week high of $93.96 a barrel.
US officials have tried to thwart the production cuts, especially since President Joe Biden has long advocated for a boost in production in an attempt to lower oil prices. But because of the decision, the US will have to release another 10 million barrels of oil from the strategic reserve in order to protect consumers and promote energy security.
In addition to the cuts that will take effect in November, OPEC has extended its cooperation agreement until the end of 2023. Supply restrictions will remain in place until the end of next year if the market does not change. Several oil ministers said they were driven by a desire to increase investment in the oil industry to ensure sufficient supplies going forward.
The 2 million barrels per day reduction will be measured against the same baseline as previous OPEC agreements. Several member countries are already producing oil well below these levels as their oil industries face issues ranging from long-term underinvestment to international sanctions.
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